DUBAI/RIYADH: Saudi stocks fell sharply on Sunday, after attacks on two plants at the heart of the kingdom's oil industry a day earlier knocked out more than half of Saudi crude output.
The index's earlier gains were fueled by Saudi Arabia's entry into the MSCI and FTSE Russell's emerging market indices, but analysts said that effect had faded in recent weeks.Saudi Basic Industries , the kingdom's biggest petrochemicals firm, was down 2.4per cent after it said it had curtailed feedback supplies by about 49per cent following the attacks.
Other petrochemical companies such as Yanbu National Petrochemicals Co and Kayan also announced significant reductions in feedstock supplies. The attacks come at a bad time for Saudi Arabia, which is preparing for the listing of oil giant Saudi Aramco on the Tadawul bourse in Riyadh later this year.
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